The Board of Directors of Nexstim Plc announce a new stock option plan
26 May 2016
Company Announcement, Helsinki, 26 May 2016 at 9:05 pm
The Board of Directors of Nexstim Plc has authorised a new stock option plan directed to the Group key employees and consultants. The company has a weighty financial reason for the issue of stock options, since the stock options are intended to form part of the incentive and commitment program for the participants. The purpose of the stock options is to encourage the plan participants to work on a long-term basis to increase shareholder value. The purpose of the stock options is also to commit the plan participants to the company.
The maximum total number of stock options issued is 700,000, and they entitle their owners to subscribe for a maximum total of 700,000 new shares in the company or existing shares held by the company. The stock options will be issued with no cost to the recipients. Of the stock options, 210,000 are marked with the symbol 2016A; 256,000 are marked with the symbol 2016B; and 234,000 are marked with the symbol 2016C.
The number of shares subscribed by exercising stock options issued corresponds to a maximum total of 8.04 per cent of all shares and votes of the shares in the company after the potential share subscription, if new shares are issued in the share subscription. After the share subscriptions with stock options, the number of the company’s shares may be increased by a maximum total of 700,000 shares, if new shares are issued in the share subscription.
The share subscription price will be, for stock option 2016A, EUR 1,08, i.e. the trade volume weighted average quotation of the company’s share on Nasdaq Helsinki Ltd during April 26, 2016—May 24, 2016; for stock option 2016B, the trade volume weighted average quotation of the company’s share on Nasdaq Helsinki Ltd during twenty (20) trading days following the release date of the company´s Financial Statements 2016; and for stock option 2016C, the trade volume weighted average quotation of the company’s share on Nasdaq Helsinki Ltd during twenty (20) trading days following the release date of the company´s Financial Statements 2017. The share subscription price will be credited to the reserve for the company’s invested unrestricted equity.
The share subscription period will be, for stock option 2016A, July 1, 2018—December 15, 2023; for stock option 2016B, July 1, 2019—December 15, 2024; and for stock option 2016C, July 1, 2020—December 15, 2025.
If a stock option owner's employment or service in a company belonging to the Group terminates, such person will, as a rule, forfeit without compensation all stock options for which the relevant share subscription period has not begun; or have a period of ninety (90) days in which to subscribe for the shares for which the relevant share subscription period has begun, or otherwise forfeit such stock options.
The Board of Directors resolved on the new stock option plan on the basis of the authorization granted by the company’s Annual General Meeting of Shareholders held on March 31, 2016.
The Board of Directors will decide upon the distribution of stock options to the participants. Approximately 20 participants, including the members of the Management Team, belong to the target group of the stock option plan.
Martin Jamieson, CEO
For further information please visit www.nexstim.com or contact:
Martin Jamieson, Chief Executive Officer
UB Securities Ltd (Certified Adviser)
+358 (0)9 2538 0246
Consilium Strategic Communications
Mary-Jane Elliott / Ivar Milligan / Laura Thornton
+44 (0)20 3709 5700
About Nexstim Plc
Nexstim is a medical technology company aiming to improve rehabilitation for stroke patients. Nexstim has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) device for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the company has developed a device for stroke therapy called Navigated Brain Therapy (NBT®). Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com
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